Oct 8, 2012 7:00am PDT
work for the company or be part of a government agency or union. but it's broadening now and you can join at the slightest excuse, pay a tiny fee, one good example is the credit union, you pay $20, it's a donation towards the families of military soldiers. it's a great cause, you're a member and you can join. you can look these things up at asmarterchoice.org, a slightly biased name, or culookup, creditunionlookup.com. >> why choose a credit union over a traditional larger bank? >> there's a lot of reasons. the main ones are cost. in terms of what they pay you, you can do better on your savings account or your cd, you get higher rates. when it comes time for a mortgage or auto loan, you pay less. i looked up last night on depositaccounts.com, the ten highest paying five-year cds in the country, 7 of the 10 were credit unions. only three were banks. and they're not fdic insured, but they're insured by the national credit union administration, which is just the same. it's government backed, up to $250,000. so it's just people shouldn't worry about safety. that's a nonissue. and because
Oct 8, 2012 7:00am EDT
unions had to be tied to your employment. >> you had to work for the company or be part of a government agency or aunt none. it's broaden and you can join. pay a tiny fee. one is pennsted credit union. you can join. look these things up at smarterchoice.org, slightly biassed name there or culookup.com. >> why choose a credit union over a traditional larger bank. >> a lot of reasons. the main ones are costs. in terms much what they pay you, you can do better. on your savings account or cd you get higher rates. when it comes time for a mortgage or auto loan you pay less. i looked up last night on depositaccounts.com the ten highest paying cd in the country seven of the ten were credit unions. only three were banks. they are not fdic insured but insured by the national credit union administration which is the same as government backed up to $250,000. people shouldn't worry about issue. it's a non-issue. because they are nonprofits they don't pay dividends to shareholders, you won't see credit union ceos flying around in corporate jets. >> should we be worried about finding an atm. >> that'